3 banks launch new money-transfer system

May 27, 2011 4:26:16 AM PDT
Three major banks have launched a money transfer system to rival PayPal.

Clear-Xchange is a joint venture between Bank of America, JP Morgan Chase and Wells Fargo.

The service allows customers to transfer money from their checking accounts using only a cell phone number or e-mail address.

The banks say the system will make payments easier than traditional money transfers.